Top Junior ISAs guide: discussion
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MSE says regarding the Nationwide Junior ISA that "The account can be opened and managed in a branch or online." However if you want to open by transferring from a CTF you need to send off for a pack to fill in and post back.
Also, it turns out Nationwide won't let you apply online if your child has an accent or diacritic in their name. I applied online for one of our children, but for the other child Nationwide have told us† that we will need to fill in a paper form, which involves going into a branch.
† See: twitter.com/Smylers2/status/9744112353735393290 -
One of the main reasons I am putting money into a JISA is to stop me having access to it in years to come! However, it occurs to me that I could just close it whenever i want and pull the money out.
Is that so or are they "unclosable"?0 -
One of the main reasons I am putting money into a JISA is to stop me having access to it in years to come! However, it occurs to me that I could just close it whenever i want and pull the money out.
Is that so or are they "unclosable"?
Answered in your dedicated thread
https://forums.moneysavingexpert.com/showthread.php?t=58362540 -
Hi
my niece and nephew aged 11 and 13, can they have stock/shares isa or is that only over 16?
What is the best option for long term saving accounts until they reach 18? Probably a few grand a year will get saved ongoing. They both have accounts and I think its Nationwide.
is there any point them having junior isa? if so which?
Also opened and in grandparents names are saving account for the children but with low rates, would it be best to transfer accounts from grandparents and directly into the children's names?
many thnaks0 -
Hi,
My daughter has 15k+ in a CTF which I'd like to move to a Junior ISA, if you're only allowed 1 junior ISA though, what do we do with the rest of the money after the year's allowance is used?
Thanks0 -
neil7 said:my niece and nephew aged 11 and 13, can they have stock/shares isa or is that only over 16?
What is the best option for long term saving accounts until they reach 18? Probably a few grand a year will get saved ongoing. They both have accounts and I think its Nationwide.
is there any point them having junior isa? if so which?
Also opened and in grandparents names are saving account for the children but with low rates, would it be best to transfer accounts from grandparents and directly into the children's names?Sorry we must have missed your message at the time.Your children can have Cash and S&S Junior ISA accounts, which lock away the money with tax free growth until they can access at age 18. When first opening a JISA then any existing Child Trust Fund will need transferring in as the child cannot have both types of account. The CTF transfer would count as a previous tax year contribution so they would still have the full tax year JISA allowance (which is soon increasing) available.If they intend to use the money at age 18 (eg to buy a car, go to university, etc) then that would mean they are only investing for 7 and 5 years respectively. It's generally accepted that S&S investment is only suitable for periods of at least 5 years preferably longer to reduce the probability that the withdrawal is less than the contributions. Cash Junior ISA interest rates are very attractive at up to 3.6% pa.If the grandparents are also happy that the child would get access at 18 then they could also contribute to the JISA.
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When you ask the JISA provider to transfer in the CTF then the whole account balance will be transferred across and treated as a previous tax year contribution leaving you will the full tax year's JISA allowance available for further contributions.tarekac said:My daughter has 15k+ in a CTF which I'd like to move to a Junior ISA, if you're only allowed 1 junior ISA though, what do we do with the rest of the money after the year's allowance is used?
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Hi all, I'm new here and this is my first post so apologies if I do/say anything wrong!The MSE site refers to NS&I being the top pick for a JISA at the moment. However they seem to be unable to accept a transfer in from the Nationwide BS because of the account number being so long! Has anyone had any experience of such a problem with a JISA or anything similar?Thanks in advance...0
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ishaffi said:The MSE site refers to NS&I being the top pick for a JISA at the moment. However they seem to be unable to accept a transfer in from the Nationwide BS because of the account number being so long! Has anyone had any experience of such a problem with a JISA or anything similar?Does this help?
Transferring from Nationwide to a new manager
You’ll need to speak to your new manager, who will be able to arrange the transfer for you.
If they ask for your Nationwide ISA details, use these:
- Account number: 33333334
- Sort code: 070093
- Your roll/reference number
Your roll/reference number looks like this: 1234/123456789. You can find it:
- printed on the inside cover of your passbook
- when you log in to the Internet Bank
- or for Fixed Rate ISAs, on the front of the certificate you received when you opened your account.
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I tried to setup a NS& Junior ISA . I ended up speaking to them , due to an issue. But they are not doing any transfers in (because of Staffing levels due to coronavirus) until July at the earliest, and you can't have two Junior ISAs.
So I had to cancel my application for a NS & I Junior ISA, and stick with my current ISA until we can transfer in.Give somebody a hug it costs nothing
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